An analysis of data released by the United States Commerce Department has revealed that since February 2018, American companies have been hit by about $46 billion because of US president Donald Trump’s tariffs for the purpose of restructuring of the United States's top trade relationships. The retaliatory tariffs that have been imposed on American products have hit US exports of goods.
Washington-based consultancy Trade Partnership Worldwide, which calculated cumulative tariff costs through November 2019, said that the tariffs imposed by China on American goods resulted in the largest hit to the tune of about $37.3 billion. November 2019 was the time since when the data was available for the calculation.
The analysis showed that there was a drop of 23 per cent in the 12 months ended November in the exports of US goods because of the hit of retaliatory tariffs from China and other countries. This was compared to the similar time period a year ago when there was no tariffs.
The overall US trade deficit narrowed to a more than three-year low in November, showed seasonally adjusted US Commerce data released on Tuesday.
It is possible to match tariff codes to categories of goods with the use of raw data as is used by the Trade Partnership instead of seasonally adjusted data. The calculations were also bale to therefore breakdown the numbers by state. It conducted the analysis for Tariffs Hurt the Heartland, which includes a coalition of more than 150 business associations and the Farmers for Free Trade coalition.
Anthony said that the drop in exports because of retaliatory tariffs increased by more that two times the national average in the states of Nevada and New Hampshire where early primaries in the 2020 presidential election will be held. New Hampshire produces and exports computer and electronics products while Nevada exports integrated circuits.
Trump's trade policies have not been a key issue to date for Democrats seeking their party's nomination.
On the other hand, China's commerce ministry said on Thursday that the so called phase one of the trade deal between the US and China will be signed next week at the White House by China's Vice Premier Liu He. According to the initial deal, the 15 per cent import tariffs imposed by the Trump administration on Chinese goods will be reduced by 50 per cent which is expected to cover about $120 billion in Chinese goods. The tariffs were imposed in September 2019. However the 25 per cent tariffs that was imposed earlier on $250 billion in Chinese goods will still continue be in force.
Anthony said that while there was a 26 per cent year on year drop in the good form American companies that were subjected to Chinese tariffs in the 12 months ending November, there was a 10 per cent growth year on year in the export to China of those American products that were not subjected to Chinese tariffs.
Total US exports were higher than in 2017, but retaliatory tariffs slowed growth in 2018 and exports have declined in 2019, he said.
(Source:www.business-standard.com)
Washington-based consultancy Trade Partnership Worldwide, which calculated cumulative tariff costs through November 2019, said that the tariffs imposed by China on American goods resulted in the largest hit to the tune of about $37.3 billion. November 2019 was the time since when the data was available for the calculation.
The analysis showed that there was a drop of 23 per cent in the 12 months ended November in the exports of US goods because of the hit of retaliatory tariffs from China and other countries. This was compared to the similar time period a year ago when there was no tariffs.
The overall US trade deficit narrowed to a more than three-year low in November, showed seasonally adjusted US Commerce data released on Tuesday.
It is possible to match tariff codes to categories of goods with the use of raw data as is used by the Trade Partnership instead of seasonally adjusted data. The calculations were also bale to therefore breakdown the numbers by state. It conducted the analysis for Tariffs Hurt the Heartland, which includes a coalition of more than 150 business associations and the Farmers for Free Trade coalition.
Anthony said that the drop in exports because of retaliatory tariffs increased by more that two times the national average in the states of Nevada and New Hampshire where early primaries in the 2020 presidential election will be held. New Hampshire produces and exports computer and electronics products while Nevada exports integrated circuits.
Trump's trade policies have not been a key issue to date for Democrats seeking their party's nomination.
On the other hand, China's commerce ministry said on Thursday that the so called phase one of the trade deal between the US and China will be signed next week at the White House by China's Vice Premier Liu He. According to the initial deal, the 15 per cent import tariffs imposed by the Trump administration on Chinese goods will be reduced by 50 per cent which is expected to cover about $120 billion in Chinese goods. The tariffs were imposed in September 2019. However the 25 per cent tariffs that was imposed earlier on $250 billion in Chinese goods will still continue be in force.
Anthony said that while there was a 26 per cent year on year drop in the good form American companies that were subjected to Chinese tariffs in the 12 months ending November, there was a 10 per cent growth year on year in the export to China of those American products that were not subjected to Chinese tariffs.
Total US exports were higher than in 2017, but retaliatory tariffs slowed growth in 2018 and exports have declined in 2019, he said.
(Source:www.business-standard.com)
